• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.45-55
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• 2022

Accelerator is a private investment institution that provides startups with comprehensive solutions to solve various difficulties such as startup facilities, funds, commercialization, securing a market etc. In addition to the role of an investor as a new startup support model, accelerators have contributed much to improvement of business ability of startups through intensive mentoring. Considering that previous studies gave weight to the determinants of investment from the perspective of investors, this study made a comparative analysis on the relative importance of determinants of investment in startups among accelerators, investors and entrepreneurs through the method of AHP. Results show that accelerators and investors regard "managerial characteristics" of startups as of the highest importance, whereas entrepreneurs think that "market characteristics" of startups are the most important. The result stems from an empirical judgment from the perspective of investors that success of startups depends on the ability of entrepreneur, and it is considered that investors evaluated marketability of startups as the most important factor in consideration of investment payback period. The result is similar to the result of previous studies on the determinants of investment determinants of angel investors and venture capitals. This paper is expected to make a contribution to the advancement of investment decision-making model for accelerators to discover startups with high possibility to grow and achieve more in incubation and investment.

• The Korean Journal of Health Service Management
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• v.9 no.3
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• pp.247-254
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• 2015

Objectives : The aim of this study was to analyze the influence of foreign and institutional investors in the pharmaceutical industry on R&D investments. Methods : The empirical analysis was done for the years 2009 to 2013 which examined the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from the TS-2000 of the Korea Listed Company Association. STATA 12.0 was used as the statistical package for the panel analysis. Results : The results show that the shareholding ratio of foreigner investors turned out to have a statistically significant influence on R&D investment. No statistical significance was found in the shareholding ratio of institutional investors. Conclusions : The findings of this study, which indicate that a higher shareholding ratio of foreigner investors leads to greater R&D investment, indicate that foreign investors directly or indirectly impose pressure on a manager to make R&D investments for the long-term.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.1-19
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• 2021

The purpose of this research is to improve the investment success rate for startups in the water industry for the development of the entrepreneurial environment of the Korean water industry. In this research, we identified investment determinants through prior research and stratified them, and then surveyed the investor group at the beginning of the start-up using the FGI method, and determined the order of the investment determinants of investors. At the same time, we classified 41 start-ups related to the water industry into two groups: the group that received investment and the group that did not in the early stages of the start-up. Then we investigated the understanding of the investor's investment determinants, ranked them, and compared them by using the AHP technique. Through this, this research proposes five implications. First, it is important for start-ups in the early stages to receive seed investment to revitalize investment for startups in the water industry. For this, startups need to understand investors and prepare to attract investment with the perspective of angel investors rather than the perspective of VC investors. Second, Start-ups in the water sector should consider that the characteristics of the founder are important in order to receive seed investment, and also need to define their business at the industry and market level, and provide relevant rationale to meet the expectations of investors who value industry expertise and experience, and to increase the possibility of seed investment, which is important in the early stages of a startup. Third, institutions, such as K-water(Korea Water Resources Corporation), that support water industry startups need to conduct open innovation business opportunities discovery programs linked to startups so that startups currently participating in the startup support program could have business opportunities from the business infrastructure of platform-forming companies in the water industry. In particular, such institutions should help founders develop their industrial expertise and careers by supporting this type of start-up preparation process through the participation of in-house venture founders. Fourth, when K-water uses the government start-up support fund to discover and foster founders, it should increase initial contact with seed investors, conduct more thorough verification of business plans, and develop programs that use government start-up support funds to prepare a business suitable for seed angel investors. Fifth, K-water should support seed by connecting funds for initial investment among funds operated by itself. It is also necessary to develop a program that links the company receiving the seed investment with VC investment, not angel investment in cooperation with the VC fund operation entity participating as an LP so that companies that have attracted seed investment could attract follow-up VC investment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.147-157
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• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.159-168
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• 2020

The cryptocurrency market has received immense consideration in media and academia since the beginning of 2013 because of its huge price fluctuation. This study focuses on Arab investors who invest in the cryptocurrency market by investigating the influence of behavioral finance factors on investment decisions in the cryptocurrency market. A quantitative approach was used by employing a snowball sampling method through 112 questionnaires. The results show that herding theory, prospect theory, and heuristic theory have a significant effect on investors' investment decisions in the cryptocurrency market. This emphasizes the significant role of the proposed behavioral factors as determinants of the investors' investment decisions. This study contributes to the existing research by consolidating the results of different researches in this study. It also contributes to the investors' understanding of the dynamics of the cryptocurrency market and it enhances the ability to make informed decisions based on their understanding. The implication of the findings will prepare hit and run investors to be progressively prepared to stay in the cryptocurrency market and develop their abilities on the most proficient method to settle on sound venture choices. Furthermore, the findings of this study will encourage financial specialists to realize that information on the traditional finance theory is not adequate to excel in the cryptocurrency market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.19-27
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• 2020

This paper aims to empirically study the determinants of liquidity of Indian listed firms. To account for profit persistence, we apply a (pooled, fixed and random) effect models to a panel of Indian listed firms that covers the time period from 2010 to 2016. This study consists of 2154 firms operating in Indian market. Liquidity (LQD) of Indian firms is measured by liquid assets to total assets, whereas bank size, capital adequacy, profitability, leverage, and firm age are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors considered. The findings reveal that leverage, return on assets, and firm age are the essential internal determinants that impact the liquidity of Indian listed firms. Furthermore, among the internal determinants, the results indicate that firm size, leverage ratio, return on assets ratio, and firm age are found to have a significant positive association with firms' LQD, except leverage ratio and firm age has a negative relationship with firms' LQD. From this result, this article has provides helpful ideas and empirical evidence on the inner and external determinants of the companies mentioned in India is very useful to bankers, analysts, regulators, investors and other stakeholders.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1135-1142
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• 2021

This study aims to examine the factors that determine bond yields in infrastructure companies listed on the Indonesia Stock Exchange. The research sample used 31 bonds issued by the company during the 2015-2019 period. The data analysis method to estimate the determinant of bond yield uses multiple regression models. The results prove that the increase in the coupon rate causes bond yields to increase, while the inflation rate has the opposite effect of decreasing bond yield. Interest rate, exchange rate, duration, and bond rating variables cannot affect the bond yield. The results of this study imply that investors will be interested in investing in bonds with better yields if the company has to set a higher coupon rate, especially in economic conditions that experience low inflation rates. Interest rates and exchange rates as macroeconomic variables have not been considered by investors in purchasing bonds. Bond characteristic factors, namely, the duration and rating of the bonds, are considered less important factors in bond investment decisions because they are more oriented towards getting higher yields. Therefore, further research needs to be explored further related to the behavior of Indonesian bond investors who may have different characters from investors in other countries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.173-183
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• 2020

The paper investigates the determinants of foreign direct investment (FDI) in Vietnam in 2000-2019 period. This study uses difference Generalized Methods of Moments (GMM) and Pooled Mean Group (PMG) to analyse panel data officially provided by General Statistical Office of Vietnam. The results show that market size impacts positively significant on FDI attraction: 1% -1.45% (PMG) and 1% -1.25% (GMM). Besides, some other factors have positive influences as labor force, macroeconomic policy, macroeconomic stability and skilled labor. Meantime, the trade openness negatively affects FDI inflows in the short-term, while not being statistically significant in the long-term. Moreover, economic shocks often have a negative impact on FDI inflows. The findings of this study lead to the following recommendations. First, authorities should pay special attention to encourage economic growth rate in Vietnam to expand market size because this is the first priority of foreign investors. Second, authorities need to continue increasing the rate of skilled labor, especially highly qualified management force, engineers and well-skilled workers. Third, the authorities should adjust trade openness to boost the role of its determinant in attracting FDI inflows. Fourth, macroeconomic stability needs to be governed by international standards in order to secure the belief of foreign investors in the long-term.

• Korean Journal of Construction Engineering and Management
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• v.16 no.4
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• pp.107-117
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• 2015

As the demand for urban business hotel has increased in the recent years due to the sharp rise in overseas tourists, the potential of business hotel development has gained in financial attention for the real estate investment. However, its concept and business domain has not been defined, and none of investment guidance for the development has not been clarified. Accordingly, this report intends to define the concept of urban business hotel in perspective of real estate investment through prior case studies and literature review, and provide the structure of determinants which control its investment decisions. Furthermore, this study develops the weight of determinants depending on the type of investment, and evaluate the two actual projects in urban area of Seoul, differed from investment type: direct and indirect, based on AHP and Fuzzy methodologies. Research finding indicate that the financial factors affecting the sales and tour business condition factors are critical determinants regardless of investment type. And it is notable that the direct investment perspective pays more attention on the finance and investment associated determinants while the indirect one more focuses on the regional and environmental ones. From the analysis of case evaluation, it is also noteworthy that the direct investors turn out to be more conservative than indirect investors due to the risk of equity capital investment.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.29-39
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• 2020

The purpose of this study is to investigate the determinants of blockholder presence in the Korean stock market. This study examines previous theories and studies, points that previous studies did not examine, and proposes two hypotheses. To verify two hypotheses, fundamental data were collected from firms listed on Korea Exchange from 2005 to 2017. As explanatory variables, we use the factors and characteristics of the firms used in the previous studies. Logistic regression analysis was conducted to test the determinants of blockholder presence. We find that firm size is the most distinctive factor determining the presence of blockholder, and firm idiosyncratic risk is the most similar factor determining the existence of each blockholder. Tobin Q shows significant value in family and government, and R&D intensity appears to be a negative related to the presence of blockholder in financial institutions. We also find that the determinant of blockholder presence differs from the mechanisms that govern each individual blockholder type when all blockholders grouped together. This suggests that there is blockholder heterogeneity within Korea listing firms. Our findings contribute to investors and policy makers who interested in the determinants of the presence of blockholder and blockhoder heterogeneity in Korea stock market.